Sensus Healthcare last week said it plans to scale back its planned initial public offering, after tabling the flotation earlier this year.
Boca Raton, Fla.-based Sensus makes the SRT-100 and SRT-100 Vision photon X-ray low-energy superficial radiotherapy systems for treating non-melanoma skin cancers, including basal cell and squamous cell carcinomas. The company said March 9 that it planned to float more than 1.8 million shares at $10 to $12 apiece, working out to a low-end raise of $18.2 million and a high end of $21.8 million. Later that month, Sensus postponed the IPO. In a regulatory filing, Sensus scaled back, saying it plans to float 1.75 million shares at $6.25 apiece, for gross proceeds of $10.9 million.
The SRT-100 system has U.S. 510(k) clearance, CE Mark approval in the European Union and approvals from the China Food & Drug Administration and Health Canada; Sensus claims more than 200 installed devices in 11 countries.
The company had planned to put $3 million of the IPO proceeds toward hiring new sales reps and a director of marketing, and another $3 million into R&D for new products and the further development of existing products. Some $2.7 million was to have gone toward paying a dividend to a former shareholders who elect not to convert their dividends into shares after the IPO, Sensus has said.